We get asked this question a lot. Where would we invest our money? How much would we buy? Is bitcoin going to be worth £1000+ in the future?

Disclaimer:

We’re not qualified financial advisors. Let’s get that out of the way first. Followed quickly by: If you have any high interest debts or loans, you should pay that off first. If you are in the UK, and haven’t used your ISA allowance, sort that out too.

Then you should diversify your investments, and figure out what your risk tolerance is – because bitcoin should be considered a medium/high risk investment. Some research on how to invest, and manage money wouldn’t go amiss either!

With that out of the way, the crypto market and digital currency revolution – if you can call it that – is still young, and I feel it shows a tremendous amount of promise.

The Future:

Depending on how much of a risk taker you are – the fundamentals of digital currency are quite clear to some people. We’re not fully 10 years into this experiment, but clearly many VCs and technologists and banks feel that their money will get a much better return invested into companies that focus on cryptocurrency/fintech solutions to problems.

For the rest of us – given the meteoric rise of bitcoin from it’s younger days (multiple bitcoins for pizzas anyone?) – perhaps we can just buy bitcoin and hold onto it until the price goes up. That could work – except there are always risks and difficulties to overcome with storage methods.

No Guarantees:

Banks are boring. And trusted even less after the 2008 financial crash. They also give you next-to-no interest. You essentially loan your money to the bank, and they charge you a fee to hold your money safe (ish – although that’s also debatable these days). With bitcoin – while you do get freedom, and potential growth, privacy with your money, and all these things … you still have to store it and ensure it doesn’t get stolen by hackers.

If you don’t feel comfortable securing your email – and I mean really comfortable. Then I’m not sure if I can recommend bitcoin to you. It doesn’t take much to protect yourself and learn how to secure digital money – but it does require effort.

If you can do that, and the banks are starting to annoy you too – and you fit the criteria above. Then, definitely.

Your salary paid in bitcoin? Is that even possible? In summary – yes. It’s easy too.

The two options

Coincut has a number of regular customers that have their initial income paid in bitcoin. They have this sent to our bitcoin account, and in return, we exchange it quickly for pounds sterling at a favourable rate.

Alternatively, some customers like a portion of their salary to be paid to us directly, and we send them bitcoin in exchange.

As you know, bitcoin works a little like cash – in that once it’s paid to you, it’s then irreversible, and reaches you fast. No more waiting for banking hours to talk to a customer support staff. Faster international transfers. No more having to suffer when it goes missing because of an administrative error. It just works. Why not try it today?
If you want to set up a regular payment with us so you can pay in funds frequently – let us know. We’ll arrange for a better rate for you if you can tell us exactly when you’ll be making this payment.

Monero has now increased it’s price by over 500% – I’m sure you’ve started to wonder what it is and how you buy it.

So what’s all the fuss, and what has this happened recently to cause this increase? Why should you look at this coin instead of bitcoin? These are all great questions, and I hope our short blog goes some way to answering your more immediate questions.

In Brief

While bitcoin is dealing with technical issues with blocksize, and political problems related to obtaining consensus of action – Monero has come along as the new and improved privacy-conscious cryptocurrency coin – more like cash than bitcoin, better at keeping your details safe, just as usable, having an improved privacy of transaction and also totally fungible.

The interest from investors, prospective buyers on markets, and speculators has been tremendous, reminding us of the early days of bitcoin. And there are more features to come which enhance the technology that drives this coin in particular.

The main issue we see is that the available Monero wallets in the ecosystem hasn’t yet had enough time to develop – but these are coming. For now, we would recommend you store your Monero on SimpleWallet or maybe one of the trusted web-wallets – be careful out there, there are no safe phone wallets at time of writing (5th September), but more are definitely coming!

The Future

Watch this space, and maybe buy a few for yourself in UK pounds while you wait for the next burst of action. We’re looking at providing services that allow you to find the closest place for you to buy Monero – no matter where you are in the world, but let us know what you’d like to see us develop next.

If you have any questions, please feel free drop us a line and ask us on CoinCut.

If you have arranged to have your salary paid in bitcoin in 2016 – to date, you would have essentially doubled your earnings if you had held onto them. However, holding your coins is always a difficult process when you have regular rent, travel and food costs to cover. Not to mention that the usual recommended advice is to take profit where you can.

A growing number of our customers like to sell us their bitcoins in exchange for cold, hard cash or bank transfer or paypal. The convenience of bitcoin allows you to do this in as small, or as large a portion you want. If you really wanted to, you could choose sell us 0.2 bitcoins every day through the month to average out the overall bitcoin price.

We are currently testing our new secure wallet feature and we’re making all elements easier for you to regularly top up your UK bank balance by converting some of your bitcoin in your secure wallet into normal currency. If enough people start using it, we would also be looking at an app to make your bitcoin life even easier. Exciting!

Alternatively, if you are interested in growing your bitcoin stash for investment or hodling purposes – why not have a direct debit tied into our account? That way, you purchase a portion of bitcoin to diversify and help make your GBP income a little more Brexit-proof.

You will soon be able to buy bitcoin straight into your CoinCut wallet if you want to, or indeed convert bitcoins from your wallet into GBP easily.

We will also be looking into great lifetime referral bonuses when one of your invited friends buys from CoinCut. Every time your friend makes a purchase, we will put money into your CoinCut wallet.

That could amount to a lot of money for each and every referral you send our way. And the cool thing is, that they’ll get free bitcoins from this too! You both benefit at the same time. It’s a no brainer.

If you have any questions on how bitcoin works, or need a quick video guide for beginners, or want to find out more about buying and selling bitcoin on CoinCut – just drop us a message. We’re extremely friendly, great at teaching, and always willing to help!

To summarise what we’ve already covered in our Help pages:

Start by download a wallet onto your smart phone. We recommend Breadwallet for iPhone or Mycellium for Android. Failing that – you can always go to blockchain.info to get an online wallet. Alternatively, we should have online wallets for you to use on CoinCut as well shortly.

Sign up to join us on CoinCut.com – in order to make any purchases, you’ll have to quickly verify your identity so we know you have a bank account connected and can make purchases.

Decide how much you want to spend, and place an order on our buy page. You will be able to find your bitcoin address from your previously downloaded application. The address is a long sequence of letters and numbers only, and will probably start with a 1 or a 3.

Follow instructions! We’ll let you know where to send your payment, and what details to include with it.